Median rents of apartments in Manhattan reached a new record in March, as new lease signings were the second highest on record for the month.
The median rental price surged to $4,175 per month in March, a 2% increase over February and a 12.8% YOY increase, with net effective median rent (including landlord concessions) also at a record level of $4, 124, according to the new Elliman Report.
The previous all-time high apartment rates in Manhattan were hit in July 2022, when the median monthly rent hit $4,150.
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